In February prices in homes rose showing a slow recovery in the area’s real estate market.  The median sales price in the Reno market went up by 2 percent compared to the same time period in 2011.  With low inventory in the market the prices of homes for sale have increased.

509 homes sold last month which is a 17% increase from last year. This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change. Once we see this on a broader level we will be able to say the market has turned around.

The housing situation in the Reno area, while certainly not booming, is seeing some stability and possibly some gains. Inventories of unsold homes are declining, and the average time a house spends on the market is shrinking.